Here are some of the questions our users often ask us.
There are no fees for borrowers on NFTfi. The NFTfi service fee for Lenders is 5% of the interest earned by Lenders on successful loans. In the case of a loan default, there is no service fee.
Yes, to simplify your loan analysis or tax reporting, you can download loan data in a CSV file: Navigate to your Account and click the Loans tab. Click the “Export in CSV” button, and you will retrieve your loan data.
NFTfi currently only supports the Ethereum blockchain. That being said, we have an ambitious multi-chain strategy and will be launching on other chains in the future.
We recommend you use desktop devices and Google Chrome browser for the best experience.
Yes, V2 of the NFTfi protocol supports EIP-1271, a standard way for contracts to verify if a provided signature is valid when an account is a smart contract. Our smart contracts and SDK support Gnosis Safe multi-sig, but the dApp is not yet supported.
P2P and P2Pool are fundamentally different approaches to enabling NFT credit markets. The advantages of NFTfi are: 1) borrowers get higher LTVs on average (driven mainly by lender competition and diversity; there are many lenders who are offering very high LTVs / taking very high risk since they are long the collateral and don't mind defaults); 2) no auto-liquidations hence borrowers always have the option of paying back their loans until loan maturity; they can't be liquidated half-way through as it can happen on a P2Pool protocol (a P2P protocol such as NFTfi does not take any protocol risk and does not need to manage liquidity, hence does not need a liquidation mechanism).
Listing is the process of approving specific NFT collections for use as collateral on the NFTfi platform. Users can only borrow and lend against collections that have been listed.
The NFTfi team aims to approve new collections based on a few quantitative and qualitative criteria. We plan to hand over listing decision-making to the NFTfi community sometime during 2023. For now, users can suggest new NFT collections via the following process:
1) Check if the collection matches our current general listing criteria (more or less).
- Floor price > 0.5 ETH
- Historical trading volume > 500 ETH
- Sales in the past 4 weeks > 50
- ERC-721 standard
2) Post your request in this channel and excite at least 10 people from the project's community to support your request with an emoji.
Please note that we typically don't have the capacity to discuss the status of listing requests. If you follow the above process, you can trust it will be reviewed, and if it meets the criteria (incl. other security checks), it will be listed on the platform.
Yes! We have a thriving community of NFTfi Ambassadors, who are active community members that support NFTfi (and soon the NFTfi DAO) in various ways, such as through community moderation, outreach and education, content creation, and technical support. They enjoy exclusive perks and play a major role in connecting NFTfi to its current and future users.